The number of property millionaires in Britain has shrink almost in half since
the beginning of the credit crisis.

Numbers have dwindled from 283,000 in November 2007 to just 183,000 today, according to research by property website Zoopla.co.uk.

Property millionaires in the North East have been the hardest hit during the past two years, with an 83 per cent reduction in numbers. Wales has also been badly affected, losing 56 per cent of its property millionaires over the same period.

London and the South East have been the most protected from the million pound property storm. The capital is home to 57 per cent of all property millionaires, with the largest share in Kensington where 48 per cent of all properties are worth more than £1 million.

Outside of the capital, Virginia Water in Surrey leads the property millionaire stakes, with 28 per cent of homes in the area worth more than a million pounds, compared to a national average of just 0.88 per cent.

Alex Chesterman, chief executive of Zoopla.co.uk, said: “London remains the property millionaire capital of Britain, while other parts of the country have seen their property millionaire ranks decimated over the past two years, with many of the former million pound pads sitting close to the threshold.”